Moody’s rates Globo CFR, notes B2

Moody's Investors Service said it assigned a B2 corporate family rating and B1-PD probability of default rating to Globo plc.

Concurrently, the agency assigned a provisional B2 rating to the $180 million senior secured notes due 2020 (€163.7 million equivalent) to be issued by Globo Mobile, Inc., a subsidiary of Globo.

The outlook on all ratings is stable.

Proceeds from the notes issuance will be used to repay €42.4 million of existing debt, pay €6.7 million of transaction fees, with the remaining €114.7 million mainly used to fund future acquisitions.

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